UK government abolishes plan to cut tax on high earners in major U-turn - CNBC

UK government abolishes plan to cut tax on high earners in major U-turn - CNBC

UK government abolishes plan to cut tax on high earners in major U-turn - CNBC
Oct 03, 2022 54 secs

government on Monday reversed a plan to scrap the top rate of income tax, after a public backlash and major market turbulence.

government bonds began to sell-off at a historic rate, causing the Bank of England to begin a temporary purchase program to calm volatility.

"It is clear that the abolition of the 45p tax rate has become a distraction from our overriding mission to tackle the challenges facing our economy," Kwarteng said in a statement.

Ten-year gilt yields — the interest rate paid on bonds, which moves inversely to prices — rose at a record rate in September, causing instability in pension funds and mortgage issuances.

Two-year and 30-year yields rose at the highest rate since 1994.

Grant Shapps, the former transport secretary, said in a BBC interview Monday morning that the reversal in the top rate tax cut was a "sensible response" because tax cuts for "the people who need them least ...

Truss said in a tweet Monday: "The abolition of the 45pc rate had become a distraction from our mission to get Britain moving."

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